Citigroup Agrees to Pay Board Member $350K for Three Weeks of Work

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“There are people who go out there and give speeches for $50,000 a speech, and I guess in some ways I think there’s a lot of value added, but that’s really up to the company to decide. It’s not something I have to do. But I’m putting in a lot of time, and it seems like it’s fair.” —Robert Joss, a former Wells Fargo executive and Stanford University business-school dean, explaining to Bloomberg why it makes sense for Citigroup, a bank 27 percent owned by the U.S. government, to award him a $350,000 contract for a minimum of three weeks’ advisorywork.